Income Per Share Data

3 Months Ended

Dec. 31, 2013

Earnings Per Share [Abstract]

Income Per Share Data

13. Income Per Share Data

Basic income per common share is calculated based on the weighted average number of common shares outstanding during the period. Diluted income per common share is computed by dividing income by the weighted average number of common and common equivalent shares outstanding during the period. The Company’s only potentially dilutive common shares are those that result from dilutive common stock options, non-vested stock relating to restricted stock awards, restricted stock units and performance shares.

The following table sets forth the denominator for the computation of basic and diluted income per share (in thousands):

	Three months ended December 31,
	2013		2012
Basic weighted average shares outstanding		13,756		14,655
Dilutive effect of outstanding stock options, non-vested restricted stock and performance shares		253		208
Diluted weighted average shares outstanding		14,009		14,863

The calculation of weighted average diluted shares outstanding excludes outstanding stock options associated with the right to purchase 0.4 million and 0.7 million shares of common stock for the three months ended December 31, 2013 and 2012, respectively, as their inclusion would have had an antidilutive effect on diluted income per share.

During the first quarter of fiscal 2014, the Company repurchased 380,011 shares of common stock for a total of $8.9 million under the July 2013 authorization, including $0.5 million associated with open repurchases at December 31, 2013. During the first quarter of fiscal 2013, there were no purchases of common stock of the Company. As of December 31, 2013, the Company has $2.6 million available for future repurchases under the current authorization. In January 2014, the $2.6 million remaining under the repurchase program was used to repurchase additional shares of common stock, and the repurchase authorization is now completed.